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19 February 2025 | 9 replies
No lender will lend on a deal that doesn’t make sense.4) After the appraisal comes back you will get a document that outlines the amount to be borrowed and all fees that will be relating to the loan (I would suggest to ask for an example of this document when you are searching for an HML so you will know what fees are going to show up).5) Close the loan at a title company of your choice.6) Begin work and make draws on any repair balance.
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7 February 2025 | 0 replies
We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes.
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17 February 2025 | 2 replies
Feel free to reach out with any questions about repairs, construction, mechanics, etc, as I am well versed in those fields.
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7 February 2025 | 6 replies
Quote from @Laura Higgs: The Roi combined for 3 duplexes after repair will have an ROI of 4.47.
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20 February 2025 | 9 replies
You can always have an accountant review your return for a lower fee (around $200-$300).Biggest thing: Make sure you’re tracking all deductions (mortgage interest, depreciation, repairs, etc.).
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18 February 2025 | 43 replies
Looking over your numbers I'm surprised a couple of them are so low - mortgage expenses, repairs and capital expenses.
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13 February 2025 | 2 replies
-While rent would be more expensive month by month, the idea of being able to take my equity out of my home and also being able to reduce annual repair costs, property taxes, etc. does seem appealing to me.
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20 February 2025 | 0 replies
New Roof, Foundation repair, New LDL flooring, Drywall work, New paint, doors, trim, appliances and new full bathroom on the 1st floor.
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20 February 2025 | 1 reply
Have reserves for vacancies, repairs, and closing costs.
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20 February 2025 | 1 reply
Make sure your budget accounts for potential unexpected repairs and delays, as these types of properties can sometimes reveal hidden damage during the renovation process.